DOCSLIB.ORG

RELAÇÃO DOS BANCOS USADOS NO GFOR Código Descrição 19

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
RELAÇÃO DOS BANCOS USADOS NO GFOR Código Descrição 19 RELAÇÃO DOS BANCOS USADOS NO GFOR Código Descrição 19 BANCO DO BRASIL S.A. 27 BANCO CENTRAL DO BRASIL 35 BANCO DA AMAZONIA S.A. 43 BANCO DO NORDESTE DO BRASIL S.A. 78 BANCO NACIONAL DO DESENVOLVIMENTO 86 BANCO DO ESTADO DE SAO PAULO S 124 BANCO STANDARD DE INVESTIMENTO 191 BANCO AZTECA DO BRASIL S.A. 213 BANESTES S.A BANCO DO ESTADO D 221 CREDIREAL -EM ABSORCAO 248 BANCO DE PERNAMBUCO S.A.-BANDE 256 BANCO ALFA S/A 264 BANCO DO ESTADO DO ACRE S.A. 272 BANCO DO ESTADO DE SANTA CATARINA 280 BANEB-EM ABSORCAO 299 BANCO BANERJ S.A. 302 PARAIBAN-BANCO DA PARAIBA S.A. 310 BANCO BEG S.A. 337 BANCO SANTANDER S.A. 345 BANCO BEA S.A. 353 BANCO BEC S.A. 361 BANCO BRADESCO BBI S.A 370 BANCO DO ESTADO DO PARA S.A. 388 BANCO BANESTADO S.A. 396 BANCO DO ESTADO DO PIAUI S.A.- 400 BANCO CARGILL S.A 418 BANCO DO ESTADO DO RIO GRANDE 426 BANCO J. SAFRA S.A 442 BANCO BVA SA 450 BANCO OPPORTUNITY S.A. 477 BANCO DO ESTADO DE SERGIPE S.A 485 BANCO BEMGE S.A. 590 BANCO DO ESTADO DE RONDONIA S. 612 BANCO ABB SA 620 HIPERCARD BANCO MULTIPLO S.A 639 BANCO IBI S.A - BANCO MULTIPLO 647 GOLDMAN SACHS DO BRASIL-BANCO 655 BANCO LEMON S.A. 663 BANCO MORGAN STANLEY DEAN WITT 671 BANCO BANEB SA 680 BANCO BEA S.A 698 BPN BRASIL BANCO MULTIPLO S.A 701 BRB - BANCO DE BRASILIA S.A. 728 BANCO RURAL MAIS S.A 736 BB BANCO POPULAR DO BRASIL 744 BANCO J. SAFRA S.A. 752 BANCO CR2 S.A 760 BANCO KDB DO BRASIL S.A 779 BANCO INTERMEDIUM S.A. 787 BES INVESTIMENTO DO BRASIL SA 795 JBS BANCO S.A. 817 CONCORDIA BANCO S.A. 850 BANCO VIACRED S.A. 965 BANCO BM&F DE SERV. DE LIQUIDA 1040 CAIXA ECONOMICA FEDERAL 1066 BANCO ITABANCO S.A. 1074 BANCO BBM S.A 1090 CREDIBANCO S.A. 1163 BANCO UNICO S.A. 1481 BANK OF AMERICA - BRASIL S.A. 1511 BANCO NOSSA CAIXA S.A 1683 HSBC INVESTMENT BANK BRASIL S.A. 1759 BANCO FINASA S.A. 1848 BANCO ITAU BBA S.A 1996 BANCO FINANCIAL PORTUGUES 2003 BANCO FICRISA AXELRUD S.A. 2013 BANCO AXIAL S.A. 2046 BANCO BRADESCO CARTOES S.A. 2062 BANCO MARTINELLI S.A. 2089 BANCO UBS PACTUAL S.A. 2100 DRESDNER BANK LATEINAMERIKA AK 2119 BANCO SISTEMA S.A. 2127 BANCO MATONE S.A. 2135 BANCO ARBI S.A. 2143 BANCO DIBENS S.A. 2151 BANCO COMERCIAL E DE INVESTIMENTO 2160 BANCO REGIONAL MALCON S.A. 2178 BANCO JOHN DEERE S.A. 2186 BANCO BONSUCESSO S.A. 2194 BANCO ZOGBI S.A 2208 BANCO CREFISUL S.A. 2216 BANCO CHASE FLEMING S.A. 2224 BANCO CALYON BRASIL S/A 2240 BANCO FIBRA S.A. 2259 BANCO BRASCAN S.A. 2283 BANCO ICATU S.A. 2291 BANCO CRUZEIRO DO SUL S.A. 2305 UNICARD BANCO MULTIPLO S.A 2313 BANCO BOAVISTA INTERATLANTICO 2321 BANCO INTERPART S.A. 2330 BANCO GE CAPITAL S.A 2356 BANK OF AMERICA - LIBERAL S.A 2372 BANCO BRADESCO S.A. 2402 BANCO DE CREDITO REAL DE MINAS 2410 BANCO CLASSICO S.A. 2429 BANCO EUROINVEST S.A. EUROBANC 2437 BANCO MAXIMA S.A. 2445 BANCO CIDADE S.A. 2461 BANCO ABC BRASIL S.A. 2470 BANCO UBS S.A 2488 BANCO BOA VISTA INTERATLANTICO 2496 BANCO INVESTCRED UNIBANCO S.A 2500 BANCO SCHAHIN S.A 2526 BANCO FININVEST S.A. 2542 PARANA BANCO S.A. 2585 BANCO INDUSCRED S.A. 2623 BANCO BOREAL S.A. 2631 BANCO CACIQUE S.A. 2658 BANCO FATOR S.A. 2666 BANCO CEDULA S.A. 2755 BANCO REAL S.A. 2771 BANCO PLANIBANC S.A. 2917 BANCO BCN S.A. 2941 BCR/EM ABSORCAO 3000 BANCO DE LA NACION ARGENTINA 3026 BANCO DO PROGRESSO S.A. 3182 BANCO BMG S.A. 3204 BANCO INDUSTRIAL E COMERCIAL S.A. 3417 BANCO ITAU S.A. 3468 BANCO BFB _ EM ABSORCAO 3476 BANCO SUDAMERIS DO BRASIL S.A 3514 BANCO SANTANDER S.A. 3530 BANCO SANTANDER BRASIL S.A. 3565 BANCO ABN AMRO REAL S.A. 3662 BANCO SOCIETE GENERALE BRASIL 3700 BANCO WESTLB DO BRASIL S.A. 3727 BANCO ITAMARATI S/A 3751 BANCO FENICIA S.A. 3760 BANCO J.P. MORGAN S.A. 3883 BANCO BMD S.A. 3891 BANCO MERCANTIL DO BRASIL S.A. 3921 BANCO MERCANTIL DE SAO PAULO S.A. 3948 BANCO FINASA BMC S.A. 3999 HSBC BANK BRASIL S.A.-BANCO MU 4090 UNIBANCO - UNIAO DE BANCOS BRA 4120 BANCO CAPITAL S.A. 4200 BANORTE - BANCO NACIONAL DO NORDESTE 4227 BANCO SAFRA S.A. 4243 BANCO SANTANDER NOROESTE S.A 4537 BANCO RURAL S.A. 4561 BANCO DE TOKYO MITSUBISHI UFJ 4642 BANCO SUMITOMO MITSUI BRASILEI 4723 LLOYDS TSB BANK PLC 4731 BANCO FINANCIAL PORTUGUES-EM A 4774 CITIBANK N.A. 4790 BANCO ITAUBANK S.A. 4804 BANCO WACHOVIA S.A. 4871 DEUTSCHE BANK S. A. - BANCO AL 4880 JPMORGAN CHASE BANK 4898 BANCO FRANCES INTERNACIONAL-BR 4928 ING BANK N.V. 4936 BANCO UNION - BRASIL S.A 4944 BANCO DE LA REPUBLICA ORIENTAL 4952 BANCO DE LA PROVINCIA DE BUENO 4960 BANCO UNO-E BRASIL S.A 4987 CENTRO HISPANO BANCO 5053 BANCO CREDIT SUISSE (BRASIL) S 6009 BANCO LUSO BRASILEIRO S.A. 6025 BANCO PATENTE S.A. 6041 BANCO INDUSTRIAL DO BRASIL S.A. 6076 BANCO SANTOS NEVES S.A. 6106 BANCO VR S.A. 6114 BANCO PAULISTA S.A. 6122 BANCO GUANABARA S.A. 6130 BANCO PECUNIA S.A. 6181 BANCO TENDENCIA S.A. 6238 BANCO PANAMERICANO S.A. 6254 BANCO ARAUCARIA S.A. 6262 BANCO FICSA S.A. 6270 BANCO DESTAK S.A. 6300 BANCO INTERCAP S.A. 6335 BANCO RENDIMENTO S.A. 6343 BANCO TRIANGULO S.A. 6378 BANCO SOFISA S.A. 6386 BANCO PROSPER S.A. 6416 BANCO ALVORADA S.A. 6432 BANCO PINE S.A. 6459 BANCO DO ESTADO DE RORAIMA S.A 6505 BANCO PEBB S.A. 6521 BANCO ITAU HOLDING FINANCEIRA 6530 BANCO INDUSVAL S.A. 6548 BANCO A.J. RENNER S.A. 6556 BANCO VOTORANTIM S.A. 6564 BANCO MATRIX S.A. 6572 BANCO TECNICORP S.A. 6580 BANCO PORTO REAL S.A. 7021 BANCO SANTOS S. A. 7072 BANCO DAYCOVAL S.A. 7196 BANIF-BANCO INTERNACIONAL DO F 7200 BANCO MAXINVEST S.A. 7218 BANCO CREDIBEL S.A. 7226 BANCO INTERIOR DE SAO PAULO S. 7250 BANCO FINANSINOS S. A. 7293 BANCO FONTE CINDAM S.A. 7323 BANCO MINAS S.A. 7331 BANCO DAS NACOES S.A. 7340 BANCO GERDAU S.A. 7358 BANCO POTTENCIAL S.A. 7374 BANCO THECA S.A. 7382 BANCO MORADA S.A. 7390 BANCO BGN S.A. 7404 BANCO BARCLAYS S.A. 7412 BANCO RIBEIRAO PRETO S.A. 7420 BANCO EQUATORIAL S.A. 7439 BANCO SEMEAR S.A. 7447 BANKBOSTON N.A. 7455 BANCO CITIBANK S.A. 7463 BANCO MODAL S.A. 7471 BANCO RABOBANK INTERNATIONAL B 7488 BANCO COOPERATIVO SICREDI S.A. 7498 BANCO SIMPLES S.A. 7501 HSBC REPUBLIC BANK BRASIL S.A- 7510 DRESDNER BANK BRASIL S.A. BANC 7528 BANCO BNP PARIBAS BRASIL S.A 7536 NBC BANK BRASIL S.A.- BANCO MU 7552 BANCO MERRILL LYNCH S.A. 7560 BANCO COOPERATIVO DO BRASIL S.A. 7579 BANCO KEB DO BRASIL S.A. 8001 BCR BANCO DE CREDITO REAL S.A. 9999 INST FINANC/CONCESS/PREFEIT Banco BANCO DO BRASIL S.A. BANCO CENTRAL DO BRASIL BANCO DA AMAZONIA S.A. BANCO DO NORDESTE DO BRASIL S.A. BANCO NACIONAL DO DESENVOLVIMENTO BANCO DO ESTADO DE SAO PAULO S BANCO STANDARD DE INVESTIMENTO BANCO AZTECA DO BRASIL S.A. BANESTES S.A BANCO DO ESTADO D CREDIREAL -EM ABSORCAO BANCO DE PERNAMBUCO S.A.-BANDE BANCO ALFA S/A BANCO DO ESTADO DO ACRE S.A. BANCO DO ESTADO DE SANTA CATARINA BANEB-EM ABSORCAO BANCO BANERJ S.A. PARAIBAN-BANCO DA PARAIBA S.A. BANCO BEG S.A. BANCO SANTANDER S.A. BANCO BEA S.A. BANCO BEC S.A. BANCO BRADESCO BBI S.A BANCO DO ESTADO DO PARA S.A. BANCO BANESTADO S.A. BANCO DO ESTADO DO PIAUI S.A.- BANCO CARGILL S.A BANCO DO ESTADO DO RIO GRANDE BANCO J. SAFRA S.A BANCO BVA SA BANCO OPPORTUNITY S.A. BANCO DO ESTADO DE SERGIPE S.A BANCO BEMGE S.A. BANCO DO ESTADO DE RONDONIA S. BANCO ABB SA HIPERCARD BANCO MULTIPLO S.A BANCO IBI S.A - BANCO MULTIPLO GOLDMAN SACHS DO BRASIL-BANCO BANCO LEMON S.A. BANCO MORGAN STANLEY DEAN WITT BANCO BANEB SA BANCO BEA S.A BPN BRASIL BANCO MULTIPLO S.A BRB - BANCO DE BRASILIA S.A. BANCO RURAL MAIS S.A BB BANCO POPULAR DO BRASIL BANCO J. SAFRA S.A. BANCO CR2 S.A BANCO KDB DO BRASIL S.A BANCO INTERMEDIUM S.A. BES INVESTIMENTO DO BRASIL SA JBS BANCO S.A. CONCORDIA BANCO S.A. BANCO VIACRED S.A. BANCO BM&F DE SERV. DE LIQUIDA CAIXA ECONOMICA FEDERAL BANCO ITABANCO S.A. BANCO BBM S.A CREDIBANCO S.A. BANCO UNICO S.A. BANK OF AMERICA - BRASIL S.A. BANCO NOSSA CAIXA S.A HSBC INVESTMENT BANK BRASIL S.A. BANCO FINASA S.A. BANCO ITAU BBA S.A BANCO FINANCIAL PORTUGUES BANCO FICRISA AXELRUD S.A. BANCO AXIAL S.A. BANCO BRADESCO CARTOES S.A. BANCO MARTINELLI S.A. BANCO UBS PACTUAL S.A. DRESDNER BANK LATEINAMERIKA AK BANCO SISTEMA S.A. BANCO MATONE S.A. BANCO ARBI S.A. BANCO DIBENS S.A.
Load more

Recommended publications
  • TLEVISA Efficiencies Limit Pressure on Margins @Analisis Fundam
    Equity Research M exico Quarterly Report July 13, 2020 TLEVISA www.banorte.com Efficiencies limit pressure on margins @analisis_fundam ▪ Televisa confirmed a weak report, reflecting the impact of the Consumer and Telecom pandemic on Content and Other Businesses, yet highlighting a solid growth in pay TV segment (mainly Cable) Valentín Mendoza Senior Strategist, Equity [email protected] ▪ Despite a sharp drop in Advertising, pressure on profitability was less than estimated, owing to cost and expense savings in the division, Juan Barbier coupled with a decrease in corporate spending Analyst [email protected] ▪ We establish a PT2020 of $30.00, which implies a FV/EBITDA 2021E multiple of 5.8x, similar to last year's average of 5.7x. Given the Buy Current Price $23.52 attractive valuation, our rating is BUY. PT 2020 $30.00 Dividend 2020e Pay TV proved its resilience. Televisa's revenues fell 7.8% y/y to $22.407 Dividend Yield (%) Upside Potential 27.6% billion, due to a 16.3% decrease in Content (Advertising -33.1%), and a 67.0% ADR current price US$5.18 slump in Other Business; both divisions being strongly impacted by the PT2020 ADR US$6.80 # Shares per ADR 5 pandemic. However, Pay TV even accelerated its growth rate, with Cable Max – Mín LTM ($) 47.14 – 22.70 advancing 10.7% and Sky 3.1%, due to a higher demand for broad-band Market Cap (US$m)) 2,988.5 Shares Outstanding (m) 2,820.0 accesses. EBITDA fell 13.2% y/y to $8.221 billion though the respective Float 80% margin eroded 230bp to 36.7%, yet being better than expected thanks to Daily Turnover US$m 94.7 Valuation metrics LTM efficiencies in Content and Corporate expenses, which partially cushioned the FV/EBITDA 5.4x impact of lower operating leverage coming from the sharp drop in Advertising P/E N.A.
    [Show full text]
  • Openness and Efficiency in Brazilian Banking
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Bevilaqua, Afonso S.; Loyo, Eduardo Working Paper Openness and efficiency in Brazilian banking Texto para discussão, No. 390 Provided in Cooperation with: Departamento de Economia, Pontifícia Universidade Católica do Rio de Janeiro Suggested Citation: Bevilaqua, Afonso S.; Loyo, Eduardo (1998) : Openness and efficiency in Brazilian banking, Texto para discussão, No. 390, Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio), Departamento de Economia, Rio de Janeiro This Version is available at: http://hdl.handle.net/10419/186634 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu DEPARTAMENTO DE ECONOMIA PUC-RIO TEXTO PARA DISCUSSÃO No. 390 OPENNESS AND EFFICIENCY IN BRAZILIAN BANKING AFONSO S.
    [Show full text]
  • General Atlantic Appoints Enrique L. Castillo, Javier Molinar and Luis F
    General Atlantic Appoints Enrique L. Castillo, Javier Molinar and Luis F. Cervantes as Special Advisors in Mexico GREENWICH and SÃO PAULO - February 5, 2013 General Atlantic LLC (“GA”), a leading global growth equity firm, today announced that it has appointed Enrique L. Castillo, Javier Molinar and Luis F. Cervantes as Special Advisors. Mr. Castillo, Mr. Molinar and Mr. Cervantes will work with GA’s Latin America team to help identify business opportunities in Mexico. With approximately US$ 17 billion in capital under management, GA invests in and provides strategic support for growth companies around the world. “We are pleased to welcome Enrique, Javier and Luis to our global team of advisors to help us evaluate investment opportunities in Mexico,” said William Ford, CEO of General Atlantic. “Their expertise will be very helpful to our team and is in keeping with our philosophy of building local expertise to help companies grow globally.” Martin Escobari, Managing Director and Head of GA’s Latin America investing program, added, “We are already active in Mexico through many of our portfolio companies which have local operations. As Mexico enters a new phase of rapid reforms and economic growth, we look forward to partnering with Mexican entrepreneurs to fund and support the expansion plans of their companies.” Enrique L. Castillo is former Chairman and CEO of Ixe Grupo Financiero, which merged in 2010 with Grupo Financiero Banorte. He currently acts as a board member of Banorte. In addition, Mr. Castillo is the former head of the Mexican Bankers Association and member of the board of Grupo Casa Saba, Medica Sur, Grupo Aeroportuario del Pacifico, Grupo Herdez, Grupo Alfa, Cultiva and Southern Copper Corporation.
    [Show full text]
  • Diapositiva 1
    Financial Results 3Q13 October 2013 1 Summary of Results 2 Financial Highlights GFNORTE registered profits of Ps 9.89 billion for 9M13, 25% higher YoY as a result of the operating leverage obtained from increases in total revenues, as well as a slower pace of growth in operating expenses, which coupled with the inclusion of Afore Bancomer‟s profits in Subsidiaries‟ results and the use of tax credits in 2Q13, offset higher loan loss provisions. In 3Q13 net income totaled Ps 3.53 billion, 27% higher YoY driven by higher positive operating leverage and the inclusion of Afore Bancomer‟s profits in Subsidiaries‟ results, and is 9% above QoQ due to an increase in net interest income, a decrease in operating expenses and provisions, as well as the profits generated by the Holding Company given the positive FX effect of the dollar investments held in order to finalize Generali's acquisition and the interest earned in its investments. During 9M13, Return on Equity (ROE), was 14.3%, 21 basis points more YoY. ROE for 3Q13 was 14.0%, 49 basis points below 3Q12 and 135 basis points below 2Q13 while Return on Tangible Equity (ROTE) was 18.1% in 3Q13, 99 basis points below 3Q12 and 147 basis points below 2Q13. The decrease in both financial ratios was mainly due to the equity increase following GFNorte‟s Public Offering on July 22, 2013. Return on Assets (ROA) during 9M13 was 1.4%, 16 basis points higher YoY. ROA for the quarter was 1.5%, 20 basis points above 3Q12 and 10 basis points above 2Q13.
    [Show full text]
  • Emerging Index - QSR
    2 FTSE Russell Publications 19 August 2021 FTSE RAFI Emerging Index - QSR Indicative Index Weight Data as at Closing on 30 June 2021 Index Index Index Constituent Country Constituent Country Constituent Country weight (%) weight (%) weight (%) Absa Group Limited 0.29 SOUTH BRF S.A. 0.21 BRAZIL China Taiping Insurance Holdings (Red 0.16 CHINA AFRICA BTG Pactual Participations UNT11 0.09 BRAZIL Chip) Acer 0.07 TAIWAN BYD (A) (SC SZ) 0.03 CHINA China Tower (H) 0.17 CHINA Adaro Energy PT 0.04 INDONESIA BYD (H) 0.12 CHINA China Vanke (A) (SC SZ) 0.09 CHINA ADVANCED INFO SERVICE 0.16 THAILAND Canadian Solar (N Shares) 0.08 CHINA China Vanke (H) 0.2 CHINA Aeroflot Russian Airlines 0.09 RUSSIA Capitec Bank Hldgs Ltd 0.05 SOUTH Chongqing Rural Commercial Bank (A) (SC 0.01 CHINA Agile Group Holdings (P Chip) 0.04 CHINA AFRICA SH) Agricultural Bank of China (A) (SC SH) 0.27 CHINA Catcher Technology 0.2 TAIWAN Chongqing Rural Commercial Bank (H) 0.04 CHINA Agricultural Bank of China (H) 0.66 CHINA Cathay Financial Holding 0.29 TAIWAN Chunghwa Telecom 0.32 TAIWAN Air China (A) (SC SH) 0.02 CHINA CCR SA 0.14 BRAZIL Cia Paranaense de Energia 0.01 BRAZIL Air China (H) 0.06 CHINA Cemex Sa Cpo Line 0.7 MEXICO Cia Paranaense de Energia (B) 0.07 BRAZIL Airports of Thailand 0.04 THAILAND Cemig ON 0.03 BRAZIL Cielo SA 0.13 BRAZIL Akbank 0.18 TURKEY Cemig PN 0.18 BRAZIL CIFI Holdings (Group) (P Chip) 0.03 CHINA Al Rajhi Banking & Investment Corp 0.52 SAUDI Cencosud 0.04 CHILE CIMB Group Holdings 0.11 MALAYSIA ARABIA Centrais Eletricas Brasileiras S.A.
    [Show full text]
  • Elektra (ELEKTRA) Marcela Martínez Suárez [email protected] (52-55) 5169-9384
    Second Quarter 2004 Grupo Elektra (ELEKTRA) Marcela Martínez Suárez [email protected] (52-55) 5169-9384 August 5, 2004 SELL ELEKTRA * / EKT Grupo Elektra Prepays 2008 Senior Notes – Strong Price: Mx / ADR Ps 68.25 US$ 22.98 Performance at All Divisions Price Target Ps 71.00 Risk Level High • Elektra is now consolidating the Bank's results. Our comments are based on figures presented by Grupo 52 Week Range: Ps 77.20 to Ps 31.65 Elektra. During 2Q04, sales were up 20.5%, as a result of Shares Outstanding: 236.7 million strong performance at the Bank and the retail division. Market Capitalization: US$ 1.41 billion New personnel hired resulted in an 0.8-pp contraction in Enterprise Value: US$ 2.04 billion operating margin. Operating profit and EBITDA, Avg. Daily Trading Value US$ 1.4 million however, were up 12.5% and 11%, respectively. Retail Ps/share US$/ADR store formats are posting strong results, and the "Nobody 2Q EPS 1.39 0.49 Undersells Elektra" slogan has attracted more consumers. T12 EPS 6.19 2.16 The group's valuation, as measured by the EV/EBITDA T12 EBITDA 15.55 5.42 multiple, is at 6.35x, and should drop to 5.8x by year-end T12 Net Cash Earnings 11.93 4.16 2004. Our price target of Ps 71 represents a 5.54% Book Value 28.86 10.06 nominal yield, including a Ps 1.033 dividend. The above, T12 2004e coupled with the fact that Elektra is a high-risk stock, P/E 11.02x leads us to recommend Elektra as a SELL.
    [Show full text]
  • Banking Corporation Tax (BCT)
    CITY OF NEW YORK DEPARTMENT OF FINANCE 1998 - BANKING CORPORATIONS STOCK ALLOCATION BELOW 100 PERCENT REPORT Abacus Federal Saving Bk 98.02 Bank of Yokohama Ltd 1.86 Allied Irish Banks Plc 2.64 Bank Audi (U.S.A.)& Subs 87.1 Apple Bank for Savings 49.83 Bank Austria Amer Inc. C/Affi 63.21 Arab American Bank 75.68 Bank Austria AG/Z-Landerbank BK 3.93 Arab Bank Plc NYB 5.42 Bank Brussels Lambert 9.54 Arab Bk Corp 17.56 Bank Bumiputra Malaysia Berhad 3.45 Asahi Bank Ltd 3.41 Bank Julius Baer & Co Ltd. 8.59 Ashikaga The 1.49 Bank Leumi Le Israel 9.71 Aslk-Cger Bank N.V. 0.23 Bank Leumi Le Israel Corp & Subs 94.15 Astoria Financial Corporation 20.18 Bank Polska Kasa Opieki S.A. 3.02 Atlantic Bank of NY & Sub 98.45 Bank Saderat Iran 0.1 Aubrey G. Lanston 85.2 Bankamerica Corp & Sub 1.3 Banbogota Inc. and Subs 94.62 Bankers Trust NY Corp 37.27 Banca Commerciale Ital 2.76 BanQue Paribas 0.78 Banca Della Svizzare Ita 3.79 Bayerische Hypotheker 2.16 Banca Monte Dei Paschi Di Sienna 2.37 Bayerische Landesbank 10.27 Banca Nazionale Del Lavoro 2.34 Bayerische Vereisbank AG 3.4 Banca Popolare Di Milano 3.98 Berliner Handels-UND 19.1 Banco de Chile 1.17 Bessemer Group Inc. & Subs 15.32 Banco Atlantico S.A. 5.78 Boston Safe Deposit & Trust Co 3.24 Banco Bandeirates S.A. 0.06 Brooklyn Bancorp.
    [Show full text]
  • Equity Research Mexico
    Equity Research Mexico Quarterly Report February 24, 2020 TLEVISA www.banorte.com Content grew while profitability improved @analisis_fundam ▪ Televisa´s report beat expectations, as Content revenues grew y/y aided Consumer and Telecoms by stable advertising sales, while Cable segment maintained solid dynamics Valentín Mendoza Senior Strategist, Equity ▪ Particularly, the 110bp profitability improvement, due to operating [email protected] efficiencies, stood out. Thus, results should be welcomed by the market. Jorge Izquierdo We will release our PT2020 shortly Analyst [email protected] Operating efficiencies boosted margin expansion. In spite of a challenging economic environment and a significant drop in government advertising Under review Current Price $42.84 expenditures, Televisa´s figures came above expectations. Revenues growth PT 2020 accelerated (+4.7% y/y) to $28,003 million, while EBITDA increased 7.7% to Dividend 2020e Dividend Yield (%) $10,660 million with a 110bp margin expansion to 38.1%. The latter was Upside Potential ADR current price US$11.34 explained by operating efficiencies which contributed to a 7.0% y/y reduction PT2020 ADR in operating expenses. Meanwhile, Content segment sales growth (+2.4% y/y) # Shares per ADR 5 Max – Mín LTM ($) 49.64 – 28.98 was a nice surprise, after advertising revenues stabilized (+0.3% y/y), though Market Cap (US$m) 6,557.0 its impressive 170bp margin improvement was another plus on the report. Cable Shares Outstanding (m) 2,882.4 Float 80% segment continued posting double-digit growth rates (15.7%), supported by a Daily Turnover US$m 98.4 6.8% RGU increase and a 4.5% advance in ARPU, yet profitability decreased Valuation metrics TTM FV/EBITDA 6.2x by 80bp.
    [Show full text]
  • ALFA Corporate Note January 18, 2019
    Equity Research Mexico ALFA Corporate Note January 18, 2019 Focused on strengthening its balance sheet www.banorte.com @analisis_fundam . Through our sum-of-the-parts valuation model, we have set a 2019 PT of MXN$ 29.50, which represents a 5.9x 2019e EV/EBITDA multiple, Marissa Garza similar to the current level. We extend a BUY recommendation Mining/Chemicals/Industrials/Financials/Railways [email protected] . The company’s strategy remains focused on strengthening its financial situation, through the sale of non-strategic assets, without neglecting new opportunities that may arise BUY Current Price MXN$24.58 PT2019 MXN$29.50 . In 2019 we anticipate a 3.7% increase in revenue and an 8.1% rise in Dividend 2019 MXN$0.65 EBITDA yoy, supported by improved profitability in all its Dividend (%) 2.7% subsidiaries, highlighting the figures of Alpek, Nemak and Sigma Upside Potential 23.4% Max – Mín LTM 25.54-19.53 2019, key year to strengthen Alfa’s financial situation. The company’s Market Cap (USD$m) 6,534.5 Shares outstanding (m) 5,055.1 strategy is focused on maintaining a long-term value creation approach and Float 54.5% guarantee the excellence of key operations. Accordingly, Alfa will maintain a Daily Turnover (MXN$m) 168.5 Valuation Metrics LTM * conservative profile throughout the year, focusing on enhancing its balance FV/EBITDA Adj 5.8x sheet, through the sale of non-strategic assets, as we have confirmed with P/E 16.0x Axtel’s recent divestment of operations (the sale of Axtel’s residential fiber- to-the-home- business in December) and Alpek (with the recent agreement for Relative performance to MEXBOL the sale of two cogeneration energy plants).
    [Show full text]
  • 2010 Annual Report
    2010 Annual Report GRUPO FINANCIERO BANORTE, S. A. B. DE C. V. Av. Revolución 3000, Col. Primavera. C. P. 64830 Monterrey, N. L., Mexico. This Annual Report was prepared in accordance with regulations applicable to companies issuing securities as well as other participants in the market with information for the fiscal year ending December 31st, 2010. The 2,018,347,548 "O" series shares of Grupo Financiero Banorte, S.A.B. de C.V. in circulation as of December 31st, 2010 were traded in the BMV under the symbol "GFNORTEO." The second to last paragraph of Article 86 of the Stock Market Law states that: Issuing companies with registered securities, must display in the prospectus, supplement or informative pamphlet, a legend that explicitly states that such registration does not imply a certification of the attractiveness of those securities, solvency of the issuer or the accuracy or truthfulness of the information contained in the prospectus, nor does it authenticate acts that, if the case, have been conducted in breach of these laws. This report is available on the Internet at www.banorte.com/ri. Select “Annual Reports”, in the Financial Information section, and then the document entitled “2010 Annual Report”. INDEX 1. GENERAL INFORMATION...................................................................................................................... 3 a) Glossary of Definitions and Terms......................................................................................................... 3 b) Executive Summary.................................................................................................................................
    [Show full text]
  • TLEVISA (Buy, PT $47.00) April 14, 2021
    Equity Research M exico April 14, 2021 TLEVISA (Buy, PT $47.00) www.banorte.com Flash: Merger with Univision detonates Content's @analisis_fundam value Consumer and Telecom Grupo Televisa announced that it will merge its Content business with Valentín Mendoza Univision in an historical transaction that will create the leading global Spanish- Senior Strategist, Equity language media company (Televisa-Univision). Furthermore, according to the [email protected] press release, the combined company will have the largest library of proprietary Juan Barbier, CFA Spanish-language content, which together with its production capacity and Analyst audience scope (leader in the two largest Spanish-speaking markets in the [email protected] world: Mexico and the US), would provide a competitive advantage to Marissa Garza accelerate its digital transformation and participate in the global Spanish- Director of Equity Strategy [email protected] language streaming business opportunity. For the transaction, Tlevisa will contribute its Content assets (excluding real estate, broadcasting licenses and transmission infrastructure in Mexico) with a total value of US$4.8 billion, comprised as follows: (1) US$3.0 billion in cash; (2) US$1.5 billion in Univision shares (US$750 million in common stock and US$750 million in Series B preferred stock with an annual dividend of 5.5%); and (3) US$300 million from other commercial considerations. The merger will be financed through: (a) a US$1 billion equity investment (in Series C preferred stock) by Softbank, together with ForgeLight (which in turn has participation from Google and The Raine Group); and (b) US$2.1 billion in debt commitments.
    [Show full text]
  • FEMSA Recovery Attests Positive Outlook @Analisis Fundam
    Equity Research M exico FEMSA Quarterly Report March 2, 2021 www.banorte.com Recovery attests positive outlook @analisis_fundam ▪ Femsa’s report positively surprised, on the back of a sound sequential Consumer and Telecom recovery across all of its business units, except for Fuels; thus beating our operating estimates. Yet the company reported a net loss Valentín Mendoza Senior Strategist, Equity [email protected] ▪ Results point towards an imminent recovery this year, a view also shared by the company’s management on its earnings call. However, Juan Barbier, CFA Femco’s valuation still does not incorporate such outlook Analyst [email protected] Oxxo not as weak as expected and a strong performance in Health and Kof. Regardless new confinement measures put in place back in December (~45% BUY of company’s units faced restrictions), consolidated revenues declined only Current Price $143.75 1.5% y/y to MXN 130.329 billion. The main highlight of the quarter was the PT $190.00 Dividend $3.3 vigorous sequential recovery posted in Proximity (TS: -2.4%; SSS: -4.3%), on Dividend Yield (%) 2.3% the back of economy’s reopening (traffic +510bps q/q to -16.9%). Furthermore, Upside Potential 34.5% ADR Price US$69.53 a sound momentum on its pharmacies in Mexico and Chile drove Health sales PT ADR US$96.00 (TS: +15.4%; SSS: +15.3%), while recent acquisitions bolstered those of Shares per ADR 10 Max – Mín LTM ($) 171.0 – 112.5 Strategic Businesses 60.9%, offsetting weakness in Fuels (TS: -30.7%; LfL Market Cap (US$m) 22,955.5 sales: -31.1%) and Kof (TS: -5.1%).
    [Show full text]